North Dakota State Investment Board acquired a new stake in Block, Inc. (NYSE:XYZ – Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 18,672 shares of the technology company’s stock, valued at approximately $1,215,000.
Other institutional investors have also modified their holdings of the company. Cary Street Partners Investment Advisory LLC acquired a new position in shares of Block in the third quarter valued at approximately $28,000. Sound Income Strategies LLC raised its position in shares of Block by 57.1% in the fourth quarter. Sound Income Strategies LLC now owns 443 shares of the technology company’s stock valued at $29,000 after buying an additional 161 shares during the last quarter. RMG Wealth Management LLC acquired a new position in shares of Block in the third quarter valued at approximately $30,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Block in the third quarter valued at approximately $30,000. Finally, Rachor Investment Advisory Services LLC acquired a new position in shares of Block in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 70.44% of the company’s stock.
Block Price Performance
Shares of XYZ stock opened at $69.18 on Wednesday. The company has a market capitalization of $41.17 billion, a PE ratio of 54.04, a price-to-earnings-growth ratio of 0.99 and a beta of 2.57. The firm has a fifty day simple moving average of $65.50 and a 200-day simple moving average of $63.82. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.26. Block, Inc. has a twelve month low of $48.21 and a twelve month high of $82.50.
Insider Activity at Block
In other Block news, CFO Amrita Ahuja sold 30,919 shares of the stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $75.00, for a total transaction of $2,318,925.00. Following the transaction, the chief financial officer directly owned 500,816 shares in the company, valued at $37,561,200. This represents a 5.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Chrysty Esperanza sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, April 21st. The stock was sold at an average price of $75.00, for a total transaction of $225,000.00. Following the completion of the transaction, the insider owned 268,169 shares in the company, valued at approximately $20,112,675. The trade was a 1.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 49,725 shares of company stock valued at $3,401,393. 11.37% of the stock is owned by insiders.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on the stock. Morgan Stanley raised shares of Block from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $72.00 to $93.00 in a research report on Friday, February 27th. Keefe, Bruyette & Woods boosted their price objective on shares of Block from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Cantor Fitzgerald boosted their price objective on shares of Block from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Canaccord Genuity Group upped their price target on shares of Block from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Weiss Ratings lowered shares of Block from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Three analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $84.94.
About Block
Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.
The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.
See Also
- Five stocks we like better than Block
- HIVE Weaponizes Power for an AI Pivot
- A Deep Dive Into NVIDIA’s Latest Portfolio Moves
- Brady Corp Wires Up a Massive AI-Powered Breakout
- Why Home Depot’s Sell-Off Could Become a Huge Opportunity
Want to see what other hedge funds are holding XYZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Block, Inc. (NYSE:XYZ – Free Report).
Receive News & Ratings for Block Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Block and related companies with MarketBeat.com's FREE daily email newsletter.
